The movie begins with Fletch in the guise of a aimless druggie, hanging out on the beach. Fletch is working on a story for his newspaper about the illegal drug traffic on the beach. Unexpectedly, Fletch is approached by a well-dressed, clearly wealthy man: airline executive Alan Stanwyk. The man offers Fletch $1,000 just to go to his house and listen to a offer. He assures Fletch that his proposal is not of a sexual nature.
After Fletch and Stanwyk drive to Stanwyk's mansion, they talk in Stanwyk's study. Stanwyk offers Fletch $50,000 in cash: ostensibly to kill him so Stanwyk can avoid a painful cancer death and so Stanwyk's wife Gail can collect insurance. Stanwyk tells Fletch that he will leave a gun in the desk drawer, and the money in the open safe. All Fletch needs to do is come by at the appointed time a few days hence, shoot Stanwyk dead, take the money, and use pre-arranged airline tickets to start a new life abroad. Fletch does not know it at the time, but Stanwyk, the film's primary villain, is actually planning to kill Fletch.
Fletch realizes that he has stumbled upon a potentially great investigative news story. Why would a wealthy man who appears to be in excellent health hire a stranger to kill him?